Question 1

Off-price stores that attract customers who want very low prices but in 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.F) B) and E)
G) A) and B)

Question 2

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

Accepted Answer

A)   single-price stores
B)   catalog retailers
C)   supermarkets
D)   general stores
E)   automated (no check-out)  storesF) A) and E)
G) B) and D)

Question 3

Gas stations, supermarkets, and airlines that have automated check-out or check-in terminals are providing what level of retail service?

Accepted Answer

A)   full-service
B)   limited-service
C)   customized-service
D)   self-service
E)   automated-serviceF) None of the above
G) B) and E)

Question 4

A retail outlet that focuses on one type of product at very competitive or discount prices and often dominates the market is referred to as a

Accepted Answer

A)   general merchandise store.
B)   value outlet.
C)   hypermarket.
D)   category killer.
E)   department store.F) C) and E)
G) None of the above

Question 5

The marketing metrics related to a retailer's products or merchandise include all of these except which?

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 visitF) B) and D)
G) A) and B)

Question 6

Which of these statements best describes the key difference between merchant wholesalers and agents and brokers?

Accepted Answer

A)   Merchant wholesalers don't perform all channel functions, whereas agents and brokers do.
B)   Agents and brokers only deal with consumer channels.
C)   Agents and brokers make their profits based on the sales of merchandise they own, while merchant wholesalers make profits based on fees paid for their services.
D)   Merchant wholesalers take title to merchandise, whereas agents and brokers do not.
E)   Agents and brokers take title to merchandise, whereas merchant wholesalers do not.F) A) and B)
G) A) and C)

Question 7

Albertsons Grocery Store accepts debit and credit cards as well as cash and checks for purchases. Its acceptance of various forms of payment provides its customers with ________ utility.

Accepted Answer

A)   time
B)   place
C)   possession
D)   form
E)   publicF) B) and C)
G) B) and D)

Question 8

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 the shopping experience in their stores .

Accepted Answer

A)   radio frequency identification (RFI
D)   tags
B)   encapsulation techniques
C)   bar code scanners
D)   nanotechnology
E)   cookiesF) A) and B)
G) C) and D)

Question 9

All activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use are referred to as

Accepted Answer

A)   manufacturing.
B)   retailing.
C)   wholesaling.
D)   facilitating.
E)   logistics.F) None of the above
G) A) and B)

Question 10

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

Accepted Answer

A)   outdated stores.
B)   a lack of ambience.
C)   fewer quality restaurants.
D)   few public restrooms.
E)   exposure to the weather.F) All of the above
G) A) and E)

Question 11

Intertype competition refers to competition between

Accepted Answer

A)   very similar types of retail outlets that results from a single-product/single-line merchandising policy.
B)   retailers when the types of items they sell are virtually indistinguishable from one another.
C)   national and generic brands that are sold side by side in a retail outlet.
D)   retailers located in separate quadrants of the retail positioning matrix.
E)   very dissimilar types of retail outlets that practice scrambled merchandising.F) B) and E)
G) D) and E)

Question 12

General 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)   have a small warehouse from which they stock their trucks for distribution to retailers.
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 products that are distributed to a select number of large retail chains.F) A) and C)
G) A) and B)

Question 13

When retailers set prices on new models or styles of products, the price of existing models often is ________ to quickly sell them.

Accepted Answer

A)   benchmarked
B)   off-priced
C)   value-added
D)   marked down
E)   maintainedF) C) and D)
G) B) and C)

Question 14

Jane Westerlund owns a small retail picture frame store in a local strip mall. She just bought 10 picture frames from a promising woodworker for $36 each. Based on market conditions, she planned to sell them for $100 each. Recently, however, sales have been a bit slow. Jane decides to reduce the price for the frames to $80. What is her maintained markup in dollar terms?

Accepted Answer

A)   $100
B)   $20
C)   $44
D)   $64
E)   $0F) B) and E)
G) C) and E)

Question 15

The level of service that requires the customers themselves 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.F) B) and C)
G) A) and E)

Question 16

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

Accepted Answer

A)   single-price stores
B)   single-brand stores
C)   online retailers
D)   business district retailers
E)   convenience storesF) D) and E)
G) A) and D)

Question 17

Explain the relationship between a franchisee and a franchisor.

Accepted Answer

In a franchise system, an individual or ...

Question 18

The largest inventory of wedding dresses in the Southeast can be found at Low's Bridal and Formal in Brinkley, Arkansas. From December 26 to January 16, a prospective bride shopping at Low's can find gowns once priced at $6,000 for $2,999 and $800 gowns for $399. The reduced prices of these gowns are reflected in which retail pricing strategy?

Accepted Answer

A)   markdowns
B)   original markups
C)   future markups
D)   inventory shrinkages
E)   net markupsF) C) and D)
G) D) and E)

Question 19

Your local Target retailer carries a variety of different items. You can find everything ranging from socks and electronics to baby items and groceries. This is an example of the ________ carried by Target.

Accepted Answer

A)   breadth of product line
B)   depth of product line
C)   variety of brand extension
D)   breadth of product class
E)   product mixF) A) and B)
G) A) and C)

Question 20

Both market share and profit achieve their greatest growth rates during which stage of the retail life cycle?

Accepted Answer

A)   decline
B)   maturity
C)   introduction
D)   early growth
E)   accelerated developmentF) B) and C)
G) None of the above

Exam 16: Retailing and Wholesaling

A retail outlet that focuses on one type of product at very competitive or discount prices and often dominates the market is referred to as a

Correct Answer
verified

Which of these statements best describes the key difference between merchant wholesalers and agents and brokers?

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

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 the shopping experience in their stores .

Correct Answer
verified

Gas stations, supermarkets, and airlines that have automated check-out or check-in terminals are providing what level of retail service?

Correct Answer
verified

Explain the relationship between a franchisee and a franchisor.

Correct Answer
verified
In a franchise system, an individual or ...
View Answer

All activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use are referred to as

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

General merchandise wholesalers

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Off-price stores that attract customers who want very low prices but in a "corner store" environment rather than a large supercenter experience are referred to as

Correct Answer
verified

Your local Target retailer carries a variety of different items. You can find everything ranging from socks and electronics to baby items and groceries. This is an example of the ________ carried by Target.

Correct Answer
verified

Both market share and profit achieve their greatest growth rates during which stage of the retail life cycle?

Correct Answer
verified

Albertsons Grocery Store accepts debit and credit cards as well as cash and checks for purchases. Its acceptance of various forms of payment provides its customers with ________ utility.

Correct Answer
verified

Intertype competition refers to competition between

Correct Answer
verified

The marketing metrics related to a retailer's products or merchandise include all of these except which?

Correct Answer
verified

When retailers set prices on new models or styles of products, the price of existing models often is ________ to quickly sell them.

Correct Answer
verified

Exam 16: Retailing and Wholesaling

A retail outlet that focuses on one type of product at very competitive or discount prices and often dominates the market is referred to as a

Correct AnswerverifiedShow Answer

Which of these statements best describes the key difference between merchant wholesalers and agents and brokers?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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 the shopping experience in their stores .

Correct AnswerverifiedShow Answer

Gas stations, supermarkets, and airlines that have automated check-out or check-in terminals are providing what level of retail service?

Correct AnswerverifiedShow Answer

Explain the relationship between a franchisee and a franchisor.

Correct AnswerverifiedIn a franchise system, an individual or ...View AnswerShow Answer

All activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use are referred to as

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

General merchandise wholesalers

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Off-price stores that attract customers who want very low prices but in a "corner store" environment rather than a large supercenter experience are referred to as

Correct AnswerverifiedShow Answer

Your local Target retailer carries a variety of different items. You can find everything ranging from socks and electronics to baby items and groceries. This is an example of the ________ carried by Target.

Correct AnswerverifiedShow Answer

Both market share and profit achieve their greatest growth rates during which stage of the retail life cycle?

Correct AnswerverifiedShow Answer

Albertsons Grocery Store accepts debit and credit cards as well as cash and checks for purchases. Its acceptance of various forms of payment provides its customers with ________ utility.

Correct AnswerverifiedShow Answer

Intertype competition refers to competition between

Correct AnswerverifiedShow Answer

The marketing metrics related to a retailer's products or merchandise include all of these except which?

Correct AnswerverifiedShow Answer

When retailers set prices on new models or styles of products, the price of existing models often is ________ to quickly sell them.

Correct AnswerverifiedShow Answer

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verified
In a franchise system, an individual or ...
View Answer

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verified

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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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