Question 1

A huge shopping strip with multiple anchor (or national)stores is referred to as a __________.

Accepted Answer

A) central business district 
B) regional shopping center 
C) community shopping center 
D) strip mall 
E) power center 
A) central business district 
B) regional shopping center 
C) community shopping center 
D) strip mall 
E) power center

Question 2

One way neighborhood grocers can take advantage of volume discounts commonly available to corporate chains is to

Accepted Answer

A) purchase a franchise membership. 
B) become a subsidiary of a larger supermarket chain like Kroger. 
C) join a professional merchant association and hire food brokers to negotiate lower prices for produce and dry goods. 
D) create a grocery networking system to exchange coupon vouchers. 
E) participate in a retailer-sponsored cooperative with other independent grocers. 
A) purchase a franchise membership. 
B) become a subsidiary of a larger supermarket chain like Kroger. 
C) join a professional merchant association and hire food brokers to negotiate lower prices for produce and dry goods. 
D) create a grocery networking system to exchange coupon vouchers. 
E) participate in a retailer-sponsored cooperative with other independent grocers.

Question 3

The sales of products and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as __________.

Accepted Answer

A) direct selling 
B) person-to-person sales 
C) face-to-face selling 
D) direct response selling 
E) customized selling 
A) direct selling 
B) person-to-person sales 
C) face-to-face selling 
D) direct response selling 
E) customized selling

Question 4

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

Accepted Answer

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

Question 5

Which type of wholesaler carries a broad assortment of merchandise and performs all channel functions?

Accepted Answer

A) drop shipper 
B) general merchandise wholesaler 
C) limited-line wholesaler 
D) specialty merchandise wholesaler 
E) rack jobber 
A) drop shipper 
B) general merchandise wholesaler 
C) limited-line wholesaler 
D) specialty merchandise wholesaler 
E) rack jobber

Question 6

__________ is when multiple retail channels become complementary through a series of touch points with consumers.

Accepted Answer

A) Multiretail marketing 
B) Shopper marketing 
C) Omnichannel retailing 
D) Retail positioning 
E) The wheel of retailing 
A) Multiretail marketing 
B) Shopper marketing 
C) Omnichannel retailing 
D) Retail positioning 
E) The wheel of retailing

Question 7

Walmart has developed a sophisticated inventory management and cost control system that allows rapid price changes for each product in the store.The firm also uses technologies such as __________ to improve the quality of information available about products.

Accepted Answer

A) radio frequency identification 
B) encapsulation techniques 
C) bar code scanners 
D) nanotechnology 
E) cookies 
A) radio frequency identification 
B) encapsulation techniques 
C) bar code scanners 
D) nanotechnology 
E) cookies

Question 8

The calculation for same-store sales growth is

Accepted Answer

A) total sales ÷ selling area in square feet. 
B) (store sales in year 3 ÷ store sales in year 1). 
C) store sales in year 1 ÷ (store sales in year 2 - store sales in year 1). 
D) (store sales in year 2 - store sales in year 1)÷ store sales in year 1. 
E) store 1 square feet ÷ store 2 square feet. 
A) total sales ÷ selling area in square feet. 
B) (store sales in year 3 ÷ store sales in year 1). 
C) store sales in year 1 ÷ (store sales in year 2 - store sales in year 1). 
D) (store sales in year 2 - store sales in year 1)÷ store sales in year 1. 
E) store 1 square feet ÷ store 2 square feet.

Question 9

Some retailers now allow consumers to respond to their text messages announcing a sale for a specified time period.Consumers must then visit the site to purchase the sale items.Which of the following retailing websites offer these limited time "flash sales?"

Accepted Answer

A) TextBuyIt 
B) Best Buy 
C) PeaPod 
D) eBay 
E) Gilt 
A) TextBuyIt 
B) Best Buy 
C) PeaPod 
D) eBay 
E) Gilt

Question 10

There are three key methods of classifying retail operations.These include:

Accepted Answer

A) method of operation,revenues generated,and merchandise line. 
B) form of ownership,method of operation,and merchandise line. 
C) form of ownership,level of service,and merchandise line. 
D) level of service,merchandise line,and revenues generated. 
E) merchandise line,form of ownership,and revenues generated. 
A) method of operation,revenues generated,and merchandise line. 
B) form of ownership,method of operation,and merchandise line. 
C) form of ownership,level of service,and merchandise line. 
D) level of service,merchandise line,and revenues generated. 
E) merchandise line,form of ownership,and revenues generated.

Question 11

The four major types of limited-service merchant wholesalers are drop shippers,rack jobbers,cash and carry wholesalers,and __________.

Accepted Answer

A) truck jobbers 
B) machine vendors 
C) credit line wholesalers 
D) transport vendors 
E) container transport vendors 
A) truck jobbers 
B) machine vendors 
C) credit line wholesalers 
D) transport vendors 
E) container transport vendors

Question 12

Your local Safeway grocery store is MOST LIKELY classified as which retail variation based on its considerable assortment (depth)of a related line of items within each line it carries?

Accepted Answer

A) single-line 
B) full service 
C) full-line 
D) limited service 
E) limited-line 
A) single-line 
B) full service 
C) full-line 
D) limited service 
E) limited-line

Question 13

Wholesalers who own the merchandise they sell but do not physically handle,stock,or deliver it are referred to as __________.

Accepted Answer

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

Question 14

Which of the following statements regarding QVC is most accurate?

Accepted Answer

A) QVC broadcasts 12 hours a day 365 days a year. 
B) QVC reaches more than 200 million households in the U.S. ,U.K. ,Germany,Italy,and Japan. 
C) QVC never offers the same product two days in a row. 
D) QVC sells all its items by dropping the price to $1.00 regardless of the product value,if it is not sold in one day. 
E) QVC entices customers to "stay tuned" by offering free products to random callers. 
A) QVC broadcasts 12 hours a day 365 days a year. 
B) QVC reaches more than 200 million households in the U.S. ,U.K. ,Germany,Italy,and Japan. 
C) QVC never offers the same product two days in a row. 
D) QVC sells all its items by dropping the price to $1.00 regardless of the product value,if it is not sold in one day. 
E) QVC entices customers to "stay tuned" by offering free products to random callers.

Question 15

According to Figure 16-10 above,market share reaches its highest level during which stage of the retail life cycle?

Accepted Answer

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

Question 16

The music played in the grocery store has a slow tempo to get shoppers to stay longer and hopefully put more items in their cart.Music is part of the grocery store's __________.

Accepted Answer

A) atmosphere 
B) sensory management plan 
C) psychological attributes 
D) personality type 
E) sociological profile 
A) atmosphere 
B) sensory management plan 
C) psychological attributes 
D) personality type 
E) sociological profile

Question 17

__________ involves going into a retail store with the intention of trying on or testing products before purchasing them online,or going to a retail store and using a mobile device to find the best available price online.

Accepted Answer

A) Flash sales 
B) Site-to-store 
C) Brick-to-click 
D) Showrooming 
E) HomeFree 
A) Flash sales 
B) Site-to-store 
C) Brick-to-click 
D) Showrooming 
E) HomeFree

Question 18

Merchant wholesalers are independently owned firms that __________ the merchandise they handle.

Accepted Answer

A) take title to 
B) broker 
C) act as agents for 
D) break bulk and repackage 
E) do not deliver 
A) take title to 
B) broker 
C) act as agents for 
D) break bulk and repackage 
E) do not deliver

Question 19

The wheel of retailing refers to

Accepted Answer

A) the life cycle of most consumer products sold at retailers. 
B) the diffusion of types of retailers for a new product. 
C) the progression of retail locations an outlet goes through. 
D) the description of how new forms of retail outlets enter the market. 
E) the description of retail management philosophies. 
A) the life cycle of most consumer products sold at retailers. 
B) the diffusion of types of retailers for a new product. 
C) the progression of retail locations an outlet goes through. 
D) the description of how new forms of retail outlets enter the market. 
E) the description of retail management philosophies.

Question 20

Explain the difference between a markup,an original markup,and a maintained markup.

Accepted Answer

In setting prices for merchandise,retail

Exam 16: Retailing and Wholesaling

A huge shopping strip with multiple anchor (or national)stores is referred to as a __________.

One way neighborhood grocers can take advantage of volume discounts commonly available to corporate chains is to

The sales of products and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as __________.

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

Which type of wholesaler carries a broad assortment of merchandise and performs all channel functions?

__________ is when multiple retail channels become complementary through a series of touch points with consumers.

Walmart has developed a sophisticated inventory management and cost control system that allows rapid price changes for each product in the store.The firm also uses technologies such as __________ to improve the quality of information available about products.

The calculation for same-store sales growth is

Some retailers now allow consumers to respond to their text messages announcing a sale for a specified time period.Consumers must then visit the site to purchase the sale items.Which of the following retailing websites offer these limited time "flash sales?"

There are three key methods of classifying retail operations.These include:

The four major types of limited-service merchant wholesalers are drop shippers,rack jobbers,cash and carry wholesalers,and __________.

Your local Safeway grocery store is MOST LIKELY classified as which retail variation based on its considerable assortment (depth)of a related line of items within each line it carries?

Wholesalers who own the merchandise they sell but do not physically handle,stock,or deliver it are referred to as __________.

Which of the following statements regarding QVC is most accurate?

According to Figure 16-10 above,market share reaches its highest level during which stage of the retail life cycle?

The music played in the grocery store has a slow tempo to get shoppers to stay longer and hopefully put more items in their cart.Music is part of the grocery store's __________.

__________ involves going into a retail store with the intention of trying on or testing products before purchasing them online,or going to a retail store and using a mobile device to find the best available price online.

Merchant wholesalers are independently owned firms that __________ the merchandise they handle.

The wheel of retailing refers to

Explain the difference between a markup,an original markup,and a maintained markup.

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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