Question 1

Neiman Marcus has approximately what amount of sales per square foot according to the UMD16A: Sales per Square Foot Marketing Dashboard above?

Accepted Answer

A) $300 
B) $600 
C) $900 
D) $3,500 
E) $5,400 
A) $300 
B) $600 
C) $900 
D) $3,500 
E) $5,400

Question 2

Which of the following statements regarding direct selling is most accurate?

Accepted Answer

A) Unlike other forms of nonstore retailing,direct selling takes place in the business market. 
B) Direct selling is found exclusively in the United States. 
C) Direct selling succeeds because it provides customers with convenience and personalized service. 
D) Direct sales have been declining rapidly in the United States since the 1980s. 
E) By definition,direct selling can only take place in a home. 
A) Unlike other forms of nonstore retailing,direct selling takes place in the business market. 
B) Direct selling is found exclusively in the United States. 
C) Direct selling succeeds because it provides customers with convenience and personalized service. 
D) Direct sales have been declining rapidly in the United States since the 1980s. 
E) By definition,direct selling can only take place in a home.

Question 3

Which of the following statements regarding corporate chains is most accurate?

Accepted Answer

A) Corporate chains can not bargain with a manufacturer to obtain product volume discounts due to federal anticompetitive legislation-the Clayton Act as amended by the Sherman Act. 
B) Corporate chains generally own most if not all of their suppliers-a practice known as forward integration-so they can save distribution costs. 
C) Consumers have fewer choices in merchandise since all buying decisions are made by a decentralized buying committee. 
D) Corporate chains offer the least benefit to consumers since they are the farthest removed from the ultimate consumer. 
E) Corporate chains are multiple outlets under common ownership. 
A) Corporate chains can not bargain with a manufacturer to obtain product volume discounts due to federal anticompetitive legislation-the Clayton Act as amended by the Sherman Act. 
B) Corporate chains generally own most if not all of their suppliers-a practice known as forward integration-so they can save distribution costs. 
C) Consumers have fewer choices in merchandise since all buying decisions are made by a decentralized buying committee. 
D) Corporate chains offer the least benefit to consumers since they are the farthest removed from the ultimate consumer. 
E) Corporate chains are multiple outlets under common ownership.

Question 4

A common financial indicator of how effectively retail space is used to generate revenue can be calculated by determining __________.

Accepted Answer

A) net sales 
B) shareholders' equity 
C) market share 
D) sales per square foot 
E) return on investment 
A) net sales 
B) shareholders' equity 
C) market share 
D) sales per square foot 
E) return on investment

Question 5

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

Accepted Answer

A) single-price stores 
B) online retailers 
C) supermarkets 
D) warehouse clubs 
E) business-district retailers 
A) single-price stores 
B) online retailers 
C) supermarkets 
D) warehouse clubs 
E) business-district retailers

Question 6

Walmart and Home Depot emphasize consistently low prices and eliminate most markdowns with a retail pricing strategy called

Accepted Answer

A) low-margin. 
B) value based. 
C) everyday low pricing. 
D) everyday fair pricing. 
E) markdown pricing. 
A) low-margin. 
B) value based. 
C) everyday low pricing. 
D) everyday fair pricing. 
E) markdown pricing.

Question 7

Off-price stores that attract customers who want value and appeal to customers who like a "corner store" environment rather than a large supercenter experience are referred to as __________.

Accepted Answer

A) extreme value retailers 
B) hypermarkets 
C) warehouse clubs 
D) outlet stores 
E) everyday value retailers 
A) extreme value retailers 
B) hypermarkets 
C) warehouse clubs 
D) outlet stores 
E) everyday value retailers

Question 8

In the context of omnichannel retailing,all of the following are potential consumer touch points for a retailer EXCEPT:

Accepted Answer

A) picking up the product from the nearest store. 
B) providing feedback on the retailer's Facebook page. 
C) placing an order online. 
D) using displays,coupons,product samples,and other brand communications to influence shopping behavior. 
E) using a mobile app to scan a QR code from a catalog. 
A) picking up the product from the nearest store. 
B) providing feedback on the retailer's Facebook page. 
C) placing an order online. 
D) using displays,coupons,product samples,and other brand communications to influence shopping behavior. 
E) using a mobile app to scan a QR code from a catalog.

Question 9

Neighborhood grocers that ban together with several other independent grocers who all agree to buy their goods directly from food manufacturers is a(n)

Accepted Answer

A) retailer-sponsored cooperative. 
B) consortium system. 
C) administrative system. 
D) conglomerate system. 
E) collaborate chain. 
A) retailer-sponsored cooperative. 
B) consortium system. 
C) administrative system. 
D) conglomerate system. 
E) collaborate chain.

Question 10

Wholesalers who handle a limited assortment of fast-moving or perishable items that are sold for cash directly from trucks in their original packages are referred to as __________.

Accepted Answer

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

Question 11

Another name for a drop shipper is a __________.

Accepted Answer

A) drop runner 
B) desk jobber 
C) transport vendor 
D) container transport vendor 
E) stock jobber 
A) drop runner 
B) desk jobber 
C) transport vendor 
D) container transport vendor 
E) stock jobber

Question 12

When developing marketing strategies,marketing managers use the elements of the marketing mix,which includes product,price,place,and promotion.In a similar fashion,when developing retailing strategies,marketers use what is called the retailing mix,which includes

Accepted Answer

A) retail pricing,store location,retail communication,and merchandise. 
B) products,services,and ideas. 
C) physical distribution,promotions,and communications. 
D) physical distribution,products,and personal selling. 
E) products,price,shipping/handling,and personal selling. 
A) retail pricing,store location,retail communication,and merchandise. 
B) products,services,and ideas. 
C) physical distribution,promotions,and communications. 
D) physical distribution,products,and personal selling. 
E) products,price,shipping/handling,and personal selling.

Question 13

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

Accepted Answer

A) single-price stores 
B) online retailers 
C) supermarkets 
D) business-district retailers 
E) convenience stores 
A) single-price stores 
B) online retailers 
C) supermarkets 
D) business-district retailers 
E) convenience stores

Question 14

Wholesalers that carry a broad assortment of merchandise and perform all channel functions are referred to as a __________.

Accepted Answer

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

Question 15

The four utilities offered to consumers through retailing are

Accepted Answer

A) convenience,performance,possession,and form. 
B) time,place,possession,and form. 
C) product,price,place,and promotion. 
D) people,productivity,process,and physical environment. 
E) convenience,consistency,competition,and choice. 
A) convenience,performance,possession,and form. 
B) time,place,possession,and form. 
C) product,price,place,and promotion. 
D) people,productivity,process,and physical environment. 
E) convenience,consistency,competition,and choice.

Question 16

The oldest retail setting,located in the community's downtown area,is referred to as

Accepted Answer

A) the central business district. 
B) main street. 
C) the community anchor. 
D) the economic center. 
E) historic commerce district. 
A) the central business district. 
B) main street. 
C) the community anchor. 
D) the economic center. 
E) historic commerce district.

Question 17

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

Accepted Answer

A) introduction 
B) early growth 
C) accelerated development 
D) maturity 
E) start-up 
A) introduction 
B) early growth 
C) accelerated development 
D) maturity 
E) start-up

Question 18

A retailer bought a collectible Precious Moments figurine for $26.She sets the initial selling price at $60.The final selling price was $52.What was the original markup?

Accepted Answer

A) $8 
B) $13 
C) $26 
D) $34 
E) $86 
A) $8 
B) $13 
C) $26 
D) $34 
E) $86

Question 19

Intermediaries that represent a single producer and are responsible for designing promotional plans,setting prices,determining distribution policies,and making recommendations on product strategy are referred to as __________.

Accepted Answer

A) brokers 
B) line brokers 
C) distribution brokers 
D) selling agents 
E) manufacturer's agents 
A) brokers 
B) line brokers 
C) distribution brokers 
D) selling agents 
E) manufacturer's agents

Question 20

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

Accepted Answer

A) the cost of carrying inventory. 
B) the inventory turnover. 
C) the average number of items per transaction. 
D) the number of returns. 
E) the average length of a store visit. 
A) the cost of carrying inventory. 
B) the inventory turnover. 
C) the average number of items per transaction. 
D) the number of returns. 
E) the average length of a store visit.

Exam 16: Retailing and Wholesaling

Neiman Marcus has approximately what amount of sales per square foot according to the UMD16A: Sales per Square Foot Marketing Dashboard above?

Which of the following statements regarding direct selling is most accurate?

Which of the following statements regarding corporate chains is most accurate?

A common financial indicator of how effectively retail space is used to generate revenue can be calculated by determining __________.

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

Walmart and Home Depot emphasize consistently low prices and eliminate most markdowns with a retail pricing strategy called

Off-price stores that attract customers who want value and appeal to customers who like a "corner store" environment rather than a large supercenter experience are referred to as __________.

In the context of omnichannel retailing,all of the following are potential consumer touch points for a retailer EXCEPT:

Neighborhood grocers that ban together with several other independent grocers who all agree to buy their goods directly from food manufacturers is a(n)

Wholesalers who handle a limited assortment of fast-moving or perishable items that are sold for cash directly from trucks in their original packages are referred to as __________.

Another name for a drop shipper is a __________.

When developing marketing strategies,marketing managers use the elements of the marketing mix,which includes product,price,place,and promotion.In a similar fashion,when developing retailing strategies,marketers use what is called the retailing mix,which includes

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

Wholesalers that carry a broad assortment of merchandise and perform all channel functions are referred to as a __________.

The four utilities offered to consumers through retailing are

The oldest retail setting,located in the community's downtown area,is referred to as

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

A retailer bought a collectible Precious Moments figurine for $26.She sets the initial selling price at $60.The final selling price was $52.What was the original markup?

Intermediaries that represent a single producer and are responsible for designing promotional plans,setting prices,determining distribution policies,and making recommendations on product strategy are referred to as __________.

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

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