Question 1

Intangibles,such as a sense of belonging,excitement,style,or warmth,are considered to be __________ of a store's image.

Accepted Answer

A) functional qualities 
B) sociological qualities 
C) psychological attributes 
D) antecedent attributes 
E) personality elements 
A) functional qualities 
B) sociological qualities 
C) psychological attributes 
D) antecedent attributes 
E) personality elements

Question 2

The difference between the final selling price and the retailer's cost is referred to as a(n)__________.

Accepted Answer

A) original markup 
B) maintained markup 
C) markdown 
D) differential markup 
E) discounted price 
A) original markup 
B) maintained markup 
C) markdown 
D) differential markup 
E) discounted price

Question 3

The amount added to the cost the retailer paid for a product to reach the final selling price is referred to as a(n)__________.

Accepted Answer

A) markup 
B) markdown 
C) original markup 
D) maintained markup 
E) cost-plus markup 
A) markup 
B) markdown 
C) original markup 
D) maintained markup 
E) cost-plus markup

Question 4

Offering several unrelated product lines in a single store is referred to as __________.

Accepted Answer

A) intertype competition 
B) multiple distribution 
C) scrambled merchandising 
D) a department store 
E) a specialty outlet 
A) intertype competition 
B) multiple distribution 
C) scrambled merchandising 
D) a department store 
E) a specialty outlet

Question 5

In the direct mail and catalog retailing,the "P" in the acronym "PURL" stands for __________.[NOTE: "URL" stands for "uniform resource locator," which is also known as a website address,such as www.apple.com.]

Accepted Answer

A) personalized 
B) pre-sorted 
C) pre-loaded 
D) proactive 
E) portable 
A) personalized 
B) pre-sorted 
C) pre-loaded 
D) proactive 
E) portable

Question 6

Most stores today are near several others in one of five settings: the central business district,the community shopping center,the strip mall,the power center,or the __________.

Accepted Answer

A) exurb value center 
B) urban megacenter 
C) suburban downtown 
D) regional shopping center 
E) rural micromall 
A) exurb value center 
B) urban megacenter 
C) suburban downtown 
D) regional shopping center 
E) rural micromall

Question 7

Managing the breadth and depth of merchandise available from many manufacturers requires retail buyers who are

Accepted Answer

A) efficient and effective managers. 
B) familiar with the needs of the target market. 
C) experienced shoppers. 
D) familiar with retail inventory management. 
E) product champions. 
A) efficient and effective managers. 
B) familiar with the needs of the target market. 
C) experienced shoppers. 
D) familiar with retail inventory management. 
E) product champions.

Question 8

During which stage of the retail life cycle do companies establish multiple outlets?

Accepted Answer

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

Question 9

An IKEA mail order catalog is an example of __________ retailing.

Accepted Answer

A) intrusive 
B) intertype 
C) scrambled 
D) nonstore 
E) hypermarket 
A) intrusive 
B) intertype 
C) scrambled 
D) nonstore 
E) hypermarket

Question 10

Scrambled merchandising refers to

Accepted Answer

A) displaying merchandise throughout a store rather than keeping all similar items together in rows on a shelf or point of purchase displays. 
B) offering several unrelated product lines in a single store. 
C) changing where items are displayed in a store to create customer interest to a variety of product lines. 
D) offering several related product lines in multiple stores. 
E) offering several related product lines in a single store. 
A) displaying merchandise throughout a store rather than keeping all similar items together in rows on a shelf or point of purchase displays. 
B) offering several unrelated product lines in a single store. 
C) changing where items are displayed in a store to create customer interest to a variety of product lines. 
D) offering several related product lines in multiple stores. 
E) offering several related product lines in a single store.

Question 11

By selling franchises,an organization __________ the cost of expansion and __________ its control compared to owning its own retail outlets.

Accepted Answer

A) increases;increases 
B) increases;reduces 
C) reduces;increases 
D) increases;retains almost all 
E) reduces;reduces 
A) increases;increases 
B) increases;reduces 
C) reduces;increases 
D) increases;retains almost all 
E) reduces;reduces

Question 12

By requiring its toy suppliers to trim one square-inch of packaging from its lines,Walmart reduced packaging by __________ tons.

Accepted Answer

A) 3,000 
B) 3,500 
C) 4,000 
D) 4,500 
E) 5,000 
A) 3,000 
B) 3,500 
C) 4,000 
D) 4,500 
E) 5,000

Question 13

Bloomingdale's stores are part of the __________ corporate chain.

Accepted Answer

A) Dillard's 
B) Macy's 
C) Target's 
D) Walmart's 
E) Saks Fifth Avenue's 
A) Dillard's 
B) Macy's 
C) Target's 
D) Walmart's 
E) Saks Fifth Avenue's

Question 14

Which form of retail outlet would most likely offer customers convenience,quality personal service,and lifestyle compatibility?

Accepted Answer

A) corporate chain 
B) independent retailer 
C) administered system 
D) contractual system 
E) sole incorporation 
A) corporate chain 
B) independent retailer 
C) administered system 
D) contractual system 
E) sole incorporation

Question 15

Jim Smith is an avid fly fisherman who lives in Deer Key,FL.For his hobby,Jim needs large rubber rafts,hip waders,special fishing rods,reels,line,and an assortment of fishing tackle and lures.There are no sporting goods stores in Deer Key,so Jim orders his fishing supplies from the L.L.Bean catalog.His supplies are generally delivered to his home within 72 hours.Jim is using a __________ to satisfy his fishing supply needs.

Accepted Answer

A) home delivery retailer 
B) quick response retailer 
C) direct-mail marketer 
D) flexible response marketer 
E) regional marketer 
A) home delivery retailer 
B) quick response retailer 
C) direct-mail marketer 
D) flexible response marketer 
E) regional marketer

Question 16

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

Accepted Answer

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

Question 17

A manufacturer's branch office

Accepted Answer

A) carries a producer's inventory and performs the functions of a full-service wholesaler. 
B) performs a sales function as an option to agents and brokers. 
C) works for several producers and carries noncompetitive,complementary merchandise in an exclusive territory. 
D) takes title to merchandise but sells only to buyers who call on them,pays cash for merchandise,and furnishes their own transportation for the merchandise. 
E) brings buyers and sellers together to make sales. 
A) carries a producer's inventory and performs the functions of a full-service wholesaler. 
B) performs a sales function as an option to agents and brokers. 
C) works for several producers and carries noncompetitive,complementary merchandise in an exclusive territory. 
D) takes title to merchandise but sells only to buyers who call on them,pays cash for merchandise,and furnishes their own transportation for the merchandise. 
E) brings buyers and sellers together to make sales.

Question 18

When Home Depot switched its in-store light fixture displays to compact fluorescent light and LED light bulbs,painted the roofs of its stores white,and installed solar panels,it reduced its energy use by __________ percent.

Accepted Answer

A) 5 
B) 10 
C) 15 
D) 20 
E) 25 
A) 5 
B) 10 
C) 15 
D) 20 
E) 25

Question 19

Explain the difference between a hypermarket and a supercenter.

Accepted Answer

The hypermarket is a form of scrambled m

Question 20

Explain the dimensions of the retail positioning matrix and give an example of a store that would be located in each quadrant of the matrix.

Accepted Answer

The retail positioning matrix is a matri

Exam 16: Retailing and Wholesaling

Intangibles,such as a sense of belonging,excitement,style,or warmth,are considered to be __________ of a store's image.

The difference between the final selling price and the retailer's cost is referred to as a(n)__________.

The amount added to the cost the retailer paid for a product to reach the final selling price is referred to as a(n)__________.

Offering several unrelated product lines in a single store is referred to as __________.

In the direct mail and catalog retailing,the "P" in the acronym "PURL" stands for __________.[NOTE: "URL" stands for "uniform resource locator," which is also known as a website address,such as www.apple.com.]

Most stores today are near several others in one of five settings: the central business district,the community shopping center,the strip mall,the power center,or the __________.

Managing the breadth and depth of merchandise available from many manufacturers requires retail buyers who are

During which stage of the retail life cycle do companies establish multiple outlets?

An IKEA mail order catalog is an example of __________ retailing.

Scrambled merchandising refers to

By selling franchises,an organization __________ the cost of expansion and __________ its control compared to owning its own retail outlets.

By requiring its toy suppliers to trim one square-inch of packaging from its lines,Walmart reduced packaging by __________ tons.

Bloomingdale's stores are part of the __________ corporate chain.

Which form of retail outlet would most likely offer customers convenience,quality personal service,and lifestyle compatibility?

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

A manufacturer's branch office

When Home Depot switched its in-store light fixture displays to compact fluorescent light and LED light bulbs,painted the roofs of its stores white,and installed solar panels,it reduced its energy use by __________ percent.

Explain the difference between a hypermarket and a supercenter.

Explain the dimensions of the retail positioning matrix and give an example of a store that would be located in each quadrant of the matrix.

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

By selling franchises,an organization the cost of expansion and its control compared to owning its own retail outlets.