Question 1

The level of service that requires that the customers themselves to perform many functions during the purchase process is __________.

Accepted Answer

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

Question 2

Stores like Dillard's,Macy's,and Neiman Marcus carry a wide range of different types of products but not an extensive number of items within each type.These retailers are known as __________.

Accepted Answer

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

Question 3

Companies such as Avon,Fuller Brush,Mary Kay,and World Book are examples of firms that use

Accepted Answer

A) interface marketing. 
B) flex-marketing. 
C) direct selling. 
D) interactive selling. 
E) responsive selling. 
A) interface marketing. 
B) flex-marketing. 
C) direct selling. 
D) interactive selling. 
E) responsive selling.

Question 4

Direct-mail and catalog retailing are examples of __________.

Accepted Answer

A) nonstore retailing 
B) intertype retailing 
C) online retailing 
D) print-media retailing 
E) dual retailing 
A) nonstore retailing 
B) intertype retailing 
C) online retailing 
D) print-media retailing 
E) dual retailing

Question 5

Subway is a popular __________.

Accepted Answer

A) business-format franchise 
B) product-distribution franchise 
C) operations franchise venture 
D) manufacturing franchise 
E) general service franchise 
A) business-format franchise 
B) product-distribution franchise 
C) operations franchise venture 
D) manufacturing franchise 
E) general service franchise

Question 6

Which of the following is a type of full-service merchant wholesaler?

Accepted Answer

A) cash and carry wholesaler 
B) rack jobbers 
C) truck jobbers 
D) specialty merchandise wholesaler 
E) drop shippers 
A) cash and carry wholesaler 
B) rack jobbers 
C) truck jobbers 
D) specialty merchandise wholesaler 
E) drop shippers

Question 7

Many fast food retailers,including McDonald's and Burger King,have followed a predictable pattern of how new forms of retail outlets enter the marketplace.McDonald's has evolved from a relatively simple restaurant with low margins,low prices,limited product offerings,and low institutional status to a worldwide chain with higher margins,high status,and a diverse menu of products.This evolution of McDonald's restaurants is consistent with the

Accepted Answer

A) slow to fast food restaurant evolutionary cycle. 
B) revolution of retailing. 
C) retail life cycle. 
D) fast food retail sequence. 
E) wheel of retailing. 
A) slow to fast food restaurant evolutionary cycle. 
B) revolution of retailing. 
C) retail life cycle. 
D) fast food retail sequence. 
E) wheel of retailing.

Question 8

Which of the following stores shown in the UMD16A: Sales per Square Foot Marketing Dashboard above has the HIGHEST sales per square foot?

Accepted Answer

A) Target 
B) Neiman Marcus 
C) Best Buy 
D) Tiffany 
E) Apple 
A) Target 
B) Neiman Marcus 
C) Best Buy 
D) Tiffany 
E) Apple

Question 9

The value added dimension of the retail positioning matrix includes elements such as location,product reliability,and __________.

Accepted Answer

A) prestige 
B) price 
C) market share 
D) number of employees 
E) level of service 
A) prestige 
B) price 
C) market share 
D) number of employees 
E) level of service

Question 10

CarMax dealers have adopted a "no-hassle,no-haggle" sales policy that eliminates the need for negotiating.Instead,all customers are offered the same price.Test drives,financing,trade-ins,and leasing are all offered to encourage customers to purchase a car.Which utility does CarMax best provide?

Accepted Answer

A) product 
B) form 
C) convenience 
D) service 
E) possession 
A) product 
B) form 
C) convenience 
D) service 
E) possession

Question 11

List the five store locations or settings.How has the location of stores changed over the years?

Accepted Answer

Department stores started downtown in mo

Question 12

Another term for gross margin is __________.

Accepted Answer

A) original markup 
B) markdown 
C) return on sales 
D) discounted price 
E) maintained markup 
A) original markup 
B) markdown 
C) return on sales 
D) discounted price 
E) maintained markup

Question 13

Multichannel Merchant magazine evaluates hundreds of entries to select the winners of the Multichannel Merchant Awards in 18 categories for companies that have excelled in

Accepted Answer

A) designing the most effective direct mail piece. 
B) designing the most creative catalog cover. 
C) implementing efficient direct mail campaigns. 
D) integrating their direct-mail and catalog activities with other marketing activities. 
E) providing creative price promotions to channel members. 
A) designing the most effective direct mail piece. 
B) designing the most creative catalog cover. 
C) implementing efficient direct mail campaigns. 
D) integrating their direct-mail and catalog activities with other marketing activities. 
E) providing creative price promotions to channel members.

Question 14

The acronym RFID stands for

Accepted Answer

A) retail franchise identification designation. 
B) required financial identification. 
C) radar frequency identification. 
D) radio frequency identification. 
E) retail federation of independent department stores. 
A) retail franchise identification designation. 
B) required financial identification. 
C) radar frequency identification. 
D) radio frequency identification. 
E) retail federation of independent department stores.

Question 15

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

Accepted Answer

A) machine vendors 
B) credit line wholesalers 
C) transport vendors 
D) cash and carry wholesalers 
E) container transport vendors 
A) machine vendors 
B) credit line wholesalers 
C) transport vendors 
D) cash and carry wholesalers 
E) container transport vendors

Question 16

The retail life cycle refers to

Accepted Answer

A) the distinct stages a product goes through before it becomes obsolete. 
B) the process of growth and decline that retail outlets,like products,experience. 
C) the cycle of a customer's buying behavior from awareness of a product to its ultimate purchase. 
D) the relationship between the tangible aspects of a product and the types of services that need to accompany it. 
E) the traditional management changes that take place as a retail outlet grows. 
A) the distinct stages a product goes through before it becomes obsolete. 
B) the process of growth and decline that retail outlets,like products,experience. 
C) the cycle of a customer's buying behavior from awareness of a product to its ultimate purchase. 
D) the relationship between the tangible aspects of a product and the types of services that need to accompany it. 
E) the traditional management changes that take place as a retail outlet grows.

Question 17

When setting prices for merchandise,retailers must decide on the markup,markdown,and the __________ for markdowns.

Accepted Answer

A) relevance 
B) necessity 
C) percentage 
D) timing 
E) consequence 
A) relevance 
B) necessity 
C) percentage 
D) timing 
E) consequence

Question 18

Many retailers take a markdown as soon as sales fall to free valuable selling space and cash.This illustrates one tactic for handling the __________ of markdowns.

Accepted Answer

A) timing 
B) demand 
C) availability 
D) bargain hunting 
E) customer value 
A) timing 
B) demand 
C) availability 
D) bargain hunting 
E) customer value

Question 19

Another name for an extreme value retailer is a(n)__________.

Accepted Answer

A) specialty outlet 
B) single-price retailer 
C) hypermarket 
D) outlet store 
E) warehouse club 
A) specialty outlet 
B) single-price retailer 
C) hypermarket 
D) outlet store 
E) warehouse club

Question 20

Many retailers advocate a(n)__________ strategy,a pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience.

Accepted Answer

A) customer loyalty 
B) emphasize-value 
C) everyday low pricing 
D) low-margin 
E) everyday fair pricing 
A) customer loyalty 
B) emphasize-value 
C) everyday low pricing 
D) low-margin 
E) everyday fair pricing

Exam 16: Retailing and Wholesaling

The level of service that requires that the customers themselves to perform many functions during the purchase process is __________.

Stores like Dillard's,Macy's,and Neiman Marcus carry a wide range of different types of products but not an extensive number of items within each type.These retailers are known as __________.

Companies such as Avon,Fuller Brush,Mary Kay,and World Book are examples of firms that use

Direct-mail and catalog retailing are examples of __________.

Subway is a popular __________.

Which of the following is a type of full-service merchant wholesaler?

Which of the following stores shown in the UMD16A: Sales per Square Foot Marketing Dashboard above has the HIGHEST sales per square foot?

The value added dimension of the retail positioning matrix includes elements such as location,product reliability,and __________.

CarMax dealers have adopted a "no-hassle,no-haggle" sales policy that eliminates the need for negotiating.Instead,all customers are offered the same price.Test drives,financing,trade-ins,and leasing are all offered to encourage customers to purchase a car.Which utility does CarMax best provide?

List the five store locations or settings.How has the location of stores changed over the years?

Another term for gross margin is __________.

Multichannel Merchant magazine evaluates hundreds of entries to select the winners of the Multichannel Merchant Awards in 18 categories for companies that have excelled in

The acronym RFID stands for

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

The retail life cycle refers to

When setting prices for merchandise,retailers must decide on the markup,markdown,and the __________ for markdowns.

Many retailers take a markdown as soon as sales fall to free valuable selling space and cash.This illustrates one tactic for handling the __________ of markdowns.

Another name for an extreme value retailer is a(n)__________.

Many retailers advocate a(n)__________ strategy,a pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience.

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